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Judge orders half of Olympiakos stadium to be seized in Lavrentiadis probe

A magistrate investigating allegations of embezzlement and fraud against the former main shareholder in Proton Bank, Lavrentis Lavrentiadis, on Thursday ordered the provisional seizure of half of Olympiakos’s Karaiskaki Stadium, in which the businessman had a 50 percent stake.

Magistrate Ioanna Hatzaki ordered the confiscation in case costs need to be recovered from Lavrentiadis, who paid 25 million euros to former Olympiakos chairman Sokratis Kokkalis in 2009 to buy a 50 percent stake in the company that owns the stadium in the Neo Faliro area of Piraeus.

The move is in line with previous decisions to seize Lavrentiadis’s assets after his arrest for the alleged embezzlement of some 700 million euros from Proton Bank.